Former bosses at Sean Quinn’s ruined empire are buying two of its businesses in a move which will save 650 jobs.

Ex-senior executives have teamed up with UK company Endless LLP in a bid to buy two units of the firm’s manufacturing arm.

Former Quinn Group chief Liam McCaffrey, who will head up the businesses, said he is “excited” about the purchase and hopes the takeover will create greater stability in the community.

The deal will see the new coalition – called the Quinn Business Retention Company – obtain the cement, packaging and roof tile sections of the Group.

These units have been run by the Aventas Manufacturing Group since Sean Quinn’s businesses fell apart.

But QBRC won’t take over the glass branch, which was a lucrative sector of the empire.

The manufacturing division employs more than 650 people in Derrylin, Co Fermanagh, and Ballyconnell, Co Cavan.

A QBRC spokesman added it was pleased to announce the move and that the businesses are “very important to the local economy”.

An Aventas spokesman confirmed it is negotiating with QBRC and Endless – but there is no guarantee the deal will go ahead.

He added: “Whilst there is no certainty that a transaction will be concluded, both parties have entered a period of exclusive due diligence and are committed to completing the transaction late in the third quarter of 2014.”

A further eight ex-Quinn Group bosses are also involved in the acquisition.

They will join three local businessmen including John McCartin, a Fine Gael councillor who leads Newtowngore Engineering Ltd.

Cllr McCartin denied the Quinn family were involved in the deal and said he could not reveal the exact price of the multi-million euro takeover.

He told Newstalk yesterday: “I’ve heard all the speculation that the Quinn family are bringing money into this, that the Quinn family are driving this and all the rest of it. If they had been bringing money to us it would have been a whole lot easier.”